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Affordable Housing in South Geyer Springs: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
South Geyer Springs, a neighborhood in Little Rock, Arkansas, has a presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood's LIHTC-funded affordable housing inventory consists of 65 total units, all designated as low-income units. Based on the estimated 1,488 housing units in the neighborhood, LIHTC-funded affordable housing represents approximately 4.4% of the housing stock.
The LIHTC projects in South Geyer Springs have received $600,000 in tax credits, averaging $9,231 in federal funding per unit. Affordable housing has been part of this neighborhood since 1989, with the most recent project completed in 2012, spanning over two decades of LIHTC presence.
The 2010s saw the most significant addition to affordable housing in South Geyer Springs, with the completion of Oak Ridge Apartments in 2012. This project added 64 units to the neighborhood's affordable housing inventory, including 31 one-bedroom, 26 two-bedroom, 5 three-bedroom, and 2 four-bedroom units. The diversity in unit sizes suggests an effort to accommodate various household compositions within the low-income community.
Over the past decade, South Geyer Springs has experienced fluctuations in its population and demographic makeup. The population decreased from 3,936 in 2013 to 2,503 in 2020, before rising again to 3,883 in 2022. Median income has shown an overall upward trend, increasing from $38,624 in 2013 to $60,682 in 2022.
Racial demographics have shifted as well. The Black population percentage decreased from 66% in 2013 to 51% in 2017, then increased to 63% by 2022. The White population saw an increase from 14% in 2013 to 31% in 2017, before decreasing to 17% in 2022. The Hispanic population has fluctuated, reaching 18% in 2022, up from 10% in 2013. These demographic changes, particularly the recent population growth and increase in median income, may influence future affordable housing needs in the neighborhood.
South Geyer Springs has a modest LIHTC-funded affordable housing inventory, representing about 4.4% of the estimated housing stock. The neighborhood has seen two LIHTC projects developed over two decades, with the most recent and largest addition in 2012. The current inventory falls short of the target percentage for affordable housing stock. The neighborhood has experienced significant demographic shifts over the past decade, including population fluctuations, increasing median income, and changes in racial composition, which may impact future affordable housing needs and development in South Geyer Springs.
